The company has provided the following production information for this year $9.60 Actual direct labor wage rate Actual material cost per unit for the period $6.25 $6.00 Standard cost of raw material per unit Standard direct labor rate per hour $10.00 Standard number of units of raw material per finished unit 4 Standard direct labor hours per finished unit 3 6,000 Actual production of finished units Actual units of materials purchased & used 21,360 Actual hours of direct labor used. 19,300 1. Compute and record direct material and direct labor standard cost variances. 2. Close out the variance accounts